Bank Islam Brunei Darussalam Rated A- By S&P

GLOBAL ratings agency Standard & Poor’s (S&P) has assigned an investment grade credit rating of A- with a stable outlook to Bank Islam Brunei Darussalam (BIBD), the largest bank in the Sultanate, its managing director announced yesterday.

With the top rating it received from one of the world’s leading credit agencies, the bank is now looking to bolster its operations in alliance with other major Islamic banks such as those in Saudi Arabia, Qatar, the United Arab Emirates, Malaysia and other countries, he said, addressing a press conference.

With this recognition, Javed said, “BIBD will be more than honoured in providing international financing services such as issuance of letter of credit to its clients, for which the bank had to seek the help of other financial institutions and pay them in the past.

“Brunei depends heavily on imported goods and importers generally ask us to issue letters of credit to guarantee payment to the suppliers. With the global rating, our customers will be able to use letters of credit issued by BIBD. Similarly, exporters can also be better served,” Javed said.

“We are extremely humbled to receive such a strong rating from Standard & Poor’s. This rating positions us as the highest-rated and safest bank in Brunei. It is also an acknowledgement of our capabilities, dedication and strong fundamentals that have enabled us to become Brunei’s top financial institution, as well as the market leader,” the managing director said.

BIBD is set for brighter times ahead with the announcement of the A- credit rating which solidifies its position as one of the best in the Asean region. It also cements the bank’s position as the leading financial institution in Brunei which is on par with the highest-rated banks in Asean in terms of technology, product range, and customer service, Javed said.

“Backed by a strong and talented workforce, BIBD remains committed to its mission in upholding international standards and ensuring the bank’s sustainable growth for many years to come. Additionally, the ‘Bruneian at Heart’ concept allows the bank to have a better understanding of the local market to continuously help advance the nation and its people,” Javed said.

“We look to leverage this latest global recognition as it further showcases our strength, reliability, and resilience in leading Brunei’s banking industry,” he added.

As the market leader with the largest distribution network in Brunei, BIBD’s total assets have grown from $4.868 billion in 2010 to $7.6 billion in 2014.

Currently, the bank has a Tier 1 Capital Adequacy Ratio of 22.9 per cent, much higher than any other bank in the country. Its financing-to-deposit ratio stands at 50.8 per cent, which is a lot lower than any other Brunei bank.

DESPITE first making its appearance in the Sultanate during the 1940s, Kuih Mor continues to be a household favourite today as a tea time snack or festive treat particularly during Hari Raya Aidil Fitri.

Siti Norhafizah Hj Bagol, a final year student at Universiti Brunei Darussalam who researched on Kuih Mor as part of her Brunei Traditional Industry module, said the three-ingredient sweet treat may have existed in Brunei as early as the 1940s when padi was known to have been grown to make different food items.

Over time, the cookie has also become a popular door-gift choice often handed out at Malay weddings or gatherings, said Siti Norhafizah.

Made with flour, oil and granulated sugar which have been ground into a powder, the bite-sized biscuits have a crumbly texture and are coated with powdered sugar.

The age-old technique of making Kuih Mor by hand has however changed over the course of time, with many now opt…

BY COMMAND of His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam, the Prime Minister’s Office hereby announces that His Majesty has consented to the transfer and appointment of the following senior officers – Dato Paduka Haji Mohd Juanda bin Haji Abdul Rashid, Permanent Secretary (Law and Welfare) at the Prime Minister’s Office as well as the Director of Anti-Corruption Bureau and Solicitor General has been transferred to the Ministry of Culture, Youth and Sports as the Permanent Secretary at the Ministry of Culture, Youth and Sports; and Datin Elinda binti Haji CA Mohamed, Special Senior Duties Officer, Ministry of Home Affairs has been appointed as Permanent Secretary at the Prime Minister’s Office and Director of Anti-Corruption Bureau.